Maersk Slides as Upgraded Guidance Is Lower Than Anticipated

By Christian Wienberg and Sanne Wass

Nov 5, 2026 (Bloomberg) –AP Moller-Maersk A/S shares slumped after a guidance upgrade and third-quarter earnings from the world’s second-largest shipping line fell short of analyst estimates.

Maersk stock dropped as much as 11.6%, the most since April 2025, at 9:33 a.m. in Copenhagen. Shares are falling for the sixth day in a row, but are still up about 36% this year.

Maersk now expects 2026 underlying earnings before interest and tax to be in a range of $8 billion to $8.5 billion, according to a statement on Thursday. The full range is below the average analyst estimate of $8.66 billion compiled by Bloomberg.

Third-quarter Ebit, while up 155% from a year earlier at $3.27 billion, missed the $3.61 billion estimate. Revenue and Ebitda also came below estimates.

“Maersk delivered third-quarter earnings that came in below expectations,” Mikkel Emil Jensen, an analyst at AL Sydbank, said in a note. “The main explanation lies in the Ocean business, where volume growth was slightly weaker than expected while costs came in higher than anticipated.”

He listed lower activity in the Middle East and challenging weather conditions as some of the reasons for lower volumes.

Still, Maersk’s new guidance compares with the Copenhagen-based company’s previous forecast range of $4.5 billion to $6.5 billion and is the second upgrade in just three months as a global rollout of artificial intelligence infrastructure boosts the demand and rates for shipping services.

Chief Executive Officer Vincent Clerc told reporters in Copenhagen that “some analysts need to look into the spreadsheets.”

Haider Anjum, a senior analyst at Jyske Bank, called the earnings strong but “not strong enough.” He said earnings continue to be driven by capacity disruptions around Hormuz, typhoons and port congestion, raising questions about how long those tailwinds can last.

Repeated disruptions to global supply chains have boosted freight rates in recent years. They include the Covid-19 pandemic, Houthi attacks that forced carriers to avoid the Red Sea and most recently the US war against Iran that throttled traffic in the Strait of Hormuz.

“The guidance also implies that fourth-quarter earnings will be slightly lower than in the third quarter, which is broadly in line with our expectations,” Jensen of AL Sydbank said.

© 2026 Bloomberg L.P.

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